For those who may not be aware.
As many have implied, Bitcoin economy has come under speculative pressure not only by new adopters of BTC but of Crypto coins in general. The "alt-coin" mining landscape have opened up the opportunity for speculative miners have taken up the mine and dump for BTC and then sell for USD strategy. This applies to both SHA256 or Scrypt "alt-coins".
Bitcoin / litecoin have been under pressure in the sense that many speculators have been trading them for the "Flavor of the Day" "scam coins" that have been popping up in the wild.
The return for miners to Jump on this strategy of mining is high when you factor what it costs to get 1BTC using traditional ASIC hardware.
Please review this link below.
http://www.coinwarz.com/cryptocurrency/?sha256HashRate=4500000.00&sha256Power=8000.00&sha256PowerCost=0.1000&scryptHashRate=50000.00&scryptPower=12000.00&scryptPowerCost=0.1000&sha256Check=false&scryptCheck=true
It shows the type of return one could expect running a GPU operation at 50,000 KH/s and what you would get if you just mined and dumped every 24 hours.
With the advent of scrypt ASIC hardware seeming possible some time this year. I wonder how long this strategy will hold until 1 coin scrypt emerges winner.
Yes I may have let the cat out of the bag however I feel people should be informed as to what may be putting added pressure in keeping btc and its "network" at such an undervalued state.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30169. (Read 26712727 times)
January 26, 2014, 05:34:29 AM
January 26, 2014, 05:05:15 AM
Is BTC-e the biggest exchange by volume now?
January 26, 2014, 05:03:48 AM
Recovery started , led by Gox. Organic & natural. 
Led by BTC-e
January 26, 2014, 05:02:49 AM
January 26, 2014, 05:02:05 AM
Recovery started , led by Gox. Organic & natural.
January 26, 2014, 04:54:25 AM
Lets agree that for btc to become "reserve currency" it doesn't really matter if there are 30, 47 or 200 people holding those chunk of coins... still the price can be manipulated...
And so can fiat and so can gold and so can any form of money that humanity ever cooks up.
For me, bitcoin seems most just.
January 26, 2014, 04:54:00 AM
Wondering about Willy - does any one have thoughts on a couple of points:
1. Frequency of buys / amount of buys - are these comparable to last time Willy was 'on'?
2. What was the length of run of the bot?
3. What was the estimated total buy? I think it was in excess of 2000 BTC / day.
Just trying to have some idea of how long it (may) go on for - assuming it is buying is a similar way as the last run.
Of course if it is just Mark propping up Gox's price, knowing will do me no good at all, but indulge me?
1. Frequency of buys / amount of buys - are these comparable to last time Willy was 'on'?
2. What was the length of run of the bot?
3. What was the estimated total buy? I think it was in excess of 2000 BTC / day.
Just trying to have some idea of how long it (may) go on for - assuming it is buying is a similar way as the last run.
Of course if it is just Mark propping up Gox's price, knowing will do me no good at all, but indulge me?
January 26, 2014, 04:51:35 AM
Lets agree that for btc to become "reserve currency" it doesn't really matter if there are 30, 47 or 200 people holding those chunk of coins... still the price can be manipulated...
I agree that the bitcoin wealth distribution likely follows a Pareto distribution (many coins are held by only a few people), but do you realize that the "47" number was pulled out of...I mean "estimated" by Risto Pietila right here at BitcoinTalk.org?
https://bitcointalksearch.org/topic/m.4740844
It can't be reserve currency, not in the near future, not when 47 people, holding 30% of all bitcoins, mostly very young people can dictate its price... When, and if, they start to cash out we might start think about it...
I agree that the bitcoin wealth distribution likely follows a Pareto distribution (many coins are held by only a few people), but do you realize that the "47" number was pulled out of...I mean "estimated" by Risto Pietila right here at BitcoinTalk.org?
https://bitcointalksearch.org/topic/m.4740844
January 26, 2014, 04:36:40 AM
Look at Gox price ! It is crazy !
167 USD spread to BitStamp. It will end in some erruption...We will have 200$ very soon. Awesome
January 26, 2014, 04:29:55 AM
news just in; Paypal changes fee policy. introducing a cap on fees - ie maximum tranaction fee for echeques.
""Changes to Fees for Receiving eChecks for Sellers in China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam
For Sellers in the following countries: China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam, there is a maximum fee per payment for receiving eCheck-funded payments as follows. The cap depends on the currency of the payment.
China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam
Currency :
Fee :
Argentine Peso:
150.00 ARS
Australian Dollar:
50.00 AUD
Brazilian Real:
75.00 BRL
Canadian Dollar:
45.00 CAD"
""Changes to Fees for Receiving eChecks for Sellers in China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam
For Sellers in the following countries: China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam, there is a maximum fee per payment for receiving eCheck-funded payments as follows. The cap depends on the currency of the payment.
China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam
Currency :
Fee :
Argentine Peso:
150.00 ARS
Australian Dollar:
50.00 AUD
Brazilian Real:
75.00 BRL
Canadian Dollar:
45.00 CAD"
January 26, 2014, 04:07:32 AM
Looks like hyubi decided to lead the dump
January 26, 2014, 04:03:15 AM
Look at Gox price ! It is crazy !
167 USD spread to BitStamp. It will end in some erruption... January 26, 2014, 04:02:46 AM
January 26, 2014, 04:01:48 AM
Kill the naysayers!!
I'm sorry Fonzie, was this in reference to me or my comments?
Don't worry about Fonzie! He's off on one against anyone who doesn't believe a crash is coming!
I have never actually one personally, but have seen many bears get attacked with lots of hate.
But don´t worry i´m actually in a very good mood and just havin fun.
No prob.
So is that Jamie Dimon burning Satoshi? Or the most ardent bulls burning Mah87?
January 26, 2014, 04:00:24 AM
Kill the naysayers!!
I'm sorry Fonzie, was this in reference to me or my comments?
Don't worry about Fonzie! He's off on one against anyone who doesn't believe a crash is coming!
I have never actually offended one in here personally, but have seen many bears get attacked and insulted with lots of hate.
But don´t worry i´m actually in a very good mood and just havin fun.
January 26, 2014, 03:58:28 AM
Kill the naysayers!!
I'm sorry Fonzie, was this in reference to me or my comments?
No not at all , just a reply to the overall sentiment in here in the last weeks.
January 26, 2014, 03:57:59 AM
Kill the naysayers!!
I'm sorry Fonzie, was this in reference to me or my comments?
Don't worry about Fonzie! He's off on one against anyone who doesn't believe a crash is coming!
January 26, 2014, 03:51:43 AM
Kill the naysayers!!
January 26, 2014, 03:48:33 AM
It can't be reserve currency, not in the near future, not when 47 people, holding 30% of all bitcoins, mostly very young people can dictate its price... When, and if, they start to cash out we might start think about it...
I agree that the bitcoin wealth distribution likely follows a Pareto distribution (many coins are held by only a few people), but do you realize that the "47" number was pulled out of...I mean "estimated" by Risto Pietila right here at BitcoinTalk.org?
https://bitcointalksearch.org/topic/m.4740844
January 26, 2014, 03:43:04 AM
It can't be reserve currency, not in the near future, not when 47 people, holding 30% of all bitcoins, mostly very young people can dictate its price... When, and if, they start to cash out we might start think about it...
I'm becoming increasingly convinced that it will become a major currency, a reserve currency. It has no counterparty risk. Debt-based money has always and will always fail, either gradually or suddenly. Only hard money is without counterparty risk. The technical superiority of BTC to gold is obvious, and you can't overcome that gap without introducing counterparty risk. USD,EUR,RMB,JPY are all teetering on the brink of the largest synchronized sovereign crisis in the history of the world. They have sown the wind, and will reap the whirlwind. It's mathematically inevitable at this point. We just don't know how long the dead men can keep walking.
There is a whale of a lot of comment about this mining reward becoming the dominant currency of some future world. I cannot believe that, for many reasons.
I'm becoming increasingly convinced that it will become a major currency, a reserve currency. It has no counterparty risk. Debt-based money has always and will always fail, either gradually or suddenly. Only hard money is without counterparty risk. The technical superiority of BTC to gold is obvious, and you can't overcome that gap without introducing counterparty risk. USD,EUR,RMB,JPY are all teetering on the brink of the largest synchronized sovereign crisis in the history of the world. They have sown the wind, and will reap the whirlwind. It's mathematically inevitable at this point. We just don't know how long the dead men can keep walking.
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